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What is Bitcoin?

Bitcoin is a cryptocurrency that is currently the most popular and widely used. Bitcoin has had some controversial news stories that claim it may be difficult to keep hold of due to hacking, but safety measures can be taken to ensure that you don’t wind up losing your funds.

This is actually a very secure cryptocurrency as long as you practice reliable and time tested strategies to conceal your provide information. We’ll help explain what Bitcoin offers and what you can do to keep it secure.

Fundamentals of Bitcoin

This global currency was created by Satoshi Nakamoto back in 2009. There were assurances of its safety built in before it was released to the public through cryptography.

Completely Open Source

Auditing is welcome and anyone can examine the code base that is used on Bitcoin. This can be updated and verified to ensure that it’s fully secure and not prone to hacking. This also ensures that Bitcoin is not a scam, since developers would have already caught this had it been untrustworthy.

Fully Decentralized

Unlike fait currency Bitcoin’s ledger is fully ensured with tracking by different computers or nodes. This ensures that all transactions are secure and verified.

Hackers are unable to infiltrate the system since it would only be exposed if they owned 51% of its which is impossible. Unlike servers which are held on centralized servers this information is not stored on a single corruptible location.

Secure Transactions

Any and all transactions are made public and they cannot be reversed. You are unable to get a false or erroneous traction since the ledger assures that all the information is backed by checks and balances.

What this means for people is that it prevents money laundering and or fraud.

Anonymous Transactions

Whenever you make a Bitcoin transaction you do not have to submit any sensitive information which may be compromised. This reduces the possibility of being a target of identity theft. In the worst case scenario that you would lose your funds, the hacker would not know who you are or where you are based out of.

Bitcoin vs Bitcoin Cash

Bitcoin Cash came to be after hard fork. This is quickly transacted and there are low fees for global transactions. This is also fully decentralized and found on many different crypto marketplaces. This came about in 2009 and has still gained popularity as a major coin. As of this writing the market cap is 20.9 billion USD.

Bitcoin vs Litecoin

Litecoin is an example of a peer-to-peer cryptocurrency that was released in 2011. This is modeled similar to Bitcoin, though its transaction speed is quicker. It is fully centralized and was founded by a former employee at Google named Charlie Lee. The amount of time it takes to prove a block is less than 3 minutes to Bitcoin’s 10 minute or so speed.

Bitcoin vs USD

USD is a major fiat currency that is backed by the Federal Reserve. Since it’s not decentralized, it is more secure in its value for the most part, as it is more widely used and trusted. Bitcoin is still gaining popularity but it has not been fully adapted by a wide majority of users.

Bitcoin vs Ripple

With Ripple traders can make fast transactions and exchange currency without major fees across the world. It’s known as XRP and it has enjoyed lot of news coverage as an alt coin due to its use from many major companies including Wells Fargo. They claim it’s far better than other blockchains due to its scalability and secure infrastructure.

Bitcoin vs Ethereum

Ethereum is a close second to Bitcoin though it transaction speed is much faster than what it takes to send Bitcoin. Ethereum is closing in on nearly $1000 USD evaluation, and its blockchain is widely used on many different crypto platforms. This uses a fully open-source and decentralized computing network.

Bitcoin FAQ

Where can I buy Bitcoin?Almost all marketplaces offer it including ATM’s, trade sits, and exchanges that offer direct transfers for fiat currency.

Where can I find a Bitcoin price chart?We recommend looking at this on different crypto market evaluation sites.

Can I buy Bitcoin with debit card?Different marketplace offers this such as Coinbase.

How to buy Bitcoin with cash?An ATM would be the quickest method.

What is the current Bitcoin value?A coin is going for $10,160 USD.

What’s a good Bitcoin wallet?Many different options are available like a paper wallet, hardware, of mobile wallet; it depends on your needs.

Where can I convert Bitcoin to USD?Simple type in Bitcoin to USD and you should get an immediate conversion calculator for your fiat of choice.

Is it worth investing in Bitcoin?No one can predict what the market will look like but Bitcoin has been able to stay in the running as a popular major coin.

How to buy Bitcoin instantly?ATM’s would be the fastest but it does require additional fees not seen in average marketplaces.

How to get Bitcoins?This can be done in several ways, almost all marketplaces offer trades for crypto; you can open an account and make a purchase that best suits you. It's important to also have a wallet before securing an account, as it’s more secure than holding it in a marketplaces wallet.

Where can I set up a Bitcoin account?You would have to first find it on a marketplace or use the other options like an ATM.

Is Bitcoin mining worth it?There is a lot of competition for mining but for people with a suitable rig and the time and dedication, there is a lot of money to get from mining Bitcoin.

What is the Bitcoin login?This depends on what kind of wallet you have but in general it’s advised to avoid logging into account you haven’t’ set up yourself.

Summary

Bitcoin is still the major cryptocurrency for good reason, and to ensure security we recommend taking the steps necessary steps to up the privacy. A major benefit of owning a wallet is that the user holds the private keys, instead of letting it be stored on a marketplace which may be subject to corruption. Unlike a centralized system, with Bitcoin users are able to have complete storage of their private keys and funds.

The value of Bitcoin has seen some rises and dips but it appears that as of recent it has enjoyed a steady climb back past the $10,000 USD figure. Its widely used implementation and ability to secure it on major marketplaces also makes it an easy to access coin. Bitcoin is best secured by adding additional privacy protection tactics like a hardware wallet and other forms of cold storage.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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